Awilco LNG tightens quarterly loss

Norwegian based LNG transportation provider Awilco reported a net loss of $4.8 million for the third quarter of 2018. 

The company’s loss tightened from a negative $6.5 million in the previous quarter.

Freight income for the quarter was $8.6 million, up from $6.4 million in the second quarter 2018 due to improving market fundamentals, offset by 21 off-hire days in connection with the 5-year survey and dry-docking of WilForce LNG carrier.

Fleet utilization for the quarter ended at 70 percent, compared to 71 percent in the previous quarter.

Despite newbuild deliveries at an all-time high and a closed West-East arbitrage, spot market rates are presently at an all-time high.

Heading into the winter season, with further LNG production coming on stream, activity may increase, and although there is always some uncertainty, owners with available vessels have high expectations for the near future.

Awilco noted that WilPride is scheduled for dry-docking expected to be completed early December 2018, and is being marketed in the spot/short term market.

WilForce was delivered 15 September 2018 on a 9-12 month time charter contract to an oil and gas major.